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Updated almost 2 years ago, 02/02/2023
What ever happened to Matt Onofrio? NNN Investing
What happened with Matt Onofrio? Was looking forward to reading his NNN investing book that was supposed to drop months ago.
Radio silence from Matt on his Instagram. I'm hoping his 90% leverage didn't come back to bite him.
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90% leverage? I've never heard of such a thing unless your doing seller financing. The lowest I've ever got was 20%.
I’ve been wondering the same…hope everything is okay with him
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#3 Commercial Real Estate Investing Contributor
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His website sounds a lot like a guru. Nurse portrayed as a anesthesiologist
Leverage is a powerful tool.
Quote from @Ronald Rohde:
His website sounds a lot like a guru. Nurse portrayed as a anesthesiologist
Leverage is a powerful tool.
He is a CRNA (Certified Registered Nurse Anesthetist). I don't believe he has portrayed to be an anesthesiologist, but he absolutely is an anesthesia provider. While he did not go to medical school, he would have gotten his doctorate in nurse anesthesia (unless he got in before they changed the education requirements from a masters).
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#3 Commercial Real Estate Investing Contributor
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Quote from @Chris Allen:
Quote from @Ronald Rohde:
His website sounds a lot like a guru. Nurse portrayed as a anesthesiologist
Leverage is a powerful tool.
He is a CRNA (Certified Registered Nurse Anesthetist). I don't believe he has portrayed to be an anesthesiologist, but he absolutely is an anesthesia provider. While he did not go to medical school, he would have gotten his doctorate in nurse anesthesia (unless he got in before they changed the education requirements from a masters).
I'm not familiar with CRNA, does he make $400k+ a year? Is he focusing on that instead of CRE?
Quote from @Ronald Rohde:
Quote from @Chris Allen:
Quote from @Ronald Rohde:
His website sounds a lot like a guru. Nurse portrayed as a anesthesiologist
Leverage is a powerful tool.
He is a CRNA (Certified Registered Nurse Anesthetist). I don't believe he has portrayed to be an anesthesiologist, but he absolutely is an anesthesia provider. While he did not go to medical school, he would have gotten his doctorate in nurse anesthesia (unless he got in before they changed the education requirements from a masters).
I'm not familiar with CRNA, does he make $400k+ a year? Is he focusing on that instead of CRE?
Quote from @Ronald Rohde:
His website sounds a lot like a guru. Nurse portrayed as a anesthesiologist
Leverage is a powerful tool.
I could not agree more with you. I've watched every one of his interviews and he lets most everyone think he's an anesthesiologist (MD/DO physician). On all his linkedin/website etc he says "Doctorate of Anesthesia", which doesn't exist. He conveniently leaves out Doctorate of NURSE anesthesia. This is no such degree of Doctorate of anesthesia. He also clamis to be a nurse ANESTHESIOLOGIST, which again, doesn't exist. Nurse anesthetists (CNRAs) just randomly started calling themselves anesthesiologists to confuse public and inflate their image. I have no respect for someone who misrepresents themselves professionally like that to inflate their degree/ego. If he lies about that, how can I believe him with anything else. BTW, this may not matter to most all people, but to a physician and anesthesiologist who spent SO much more money, time and training gets offended when someone lies about creditionals for personal gain. I also love how his website says, and I quote, "Matt was one of the best-trained anesthesia professionals in the world." I mean wtf, the guy wasn't even a physician.
@Evan Bonnell I'm not sure what happen to this guy but if you need assistant with NNN or have questions, I'll be happy to help!
I was wondering the exact same thing...
In fact I changed my whole strategy from targeting SFR homes to sourcing off market commercial deals. Now I'm getting second thoughts, the story going from 0 to 150m in 3 years seems to good to be true...
I was wondering the exact same thing...
In fact I changed my whole strategy from targeting SFR homes to sourcing off market commercial deals. Now I'm getting second thoughts, the story going from 0 to 150m in 3 years seems to good to be true...
Edit: If you look him up you cant even find his BP Podcast anymore.
It's gone... Hmmm
I tried to give the guy the benefit of the doubt and watched a recent interview (3 months ago). The interviewer repeatedly calls him an anesthesiologist, and even directly asks him "What is it like to be an anesthesiologist?"...Instead of just saying the most obvious honest answer, "I'm not actually an anesthesiologist," he continues to deceive and lie about his credentials and qualifications. Over 30 interviews I've watched and not once has he ever corrected someone and admitted he is not a physician/anesthesiologist. The guy meets the definition of fraud to me; "a person or thing intended to deceive others, typically by unjustifiably claiming or being credited with accomplishments or qualities." I couldn't make it past the 7 min mark of the video because of this. I really wanted to like this guy and support his accomplishments, but now I question everything.
I get asked many times about this guy from various people. I don't know him or what his business model is. Many years ago Bigger Pockets was not interested in micro subjects like NNN. Said it was too nichy and focused more on larger asset classes with big scale investor interest.
Bigger Pockets was all of a sudden going to have him write a book on NNN in the last year or so after telling me not interested in a NNN book. For various reasons (have no clue what they were) they had a parting of ways and the book was not written. They then approached me to write a book but I had already completed a book on my own this year for NNN.
So at some point someone probably will write a book on this site for NNN. I have been in commercial real estate about 20 years now and a specialist in NNN. Bigger Pockets is growing so fast now with so many employees that many of them do not know the old timers on here when Josh was just running the site. I think Matt was newer to this site and had some connection with Davd and Brandon from that Gobundance thing but not sure. I do not keep track of all of that.
As to using debt if someone for instance was buying leasehold instead of fee simple to get higher cap rate spreads and high leverage deals those are time bombs with a short window to get out of because if tenant goes out you still have to pay ground rent and other costs tenant used to pay in addition to base rent. Again when people ask me unless I looked at every aspect of his business model with 100% transparency I could not give any opinion of the structure or it's long term viability.
I don't want to be anyone's guru or any of that crap. I do 2 things and that is it. I have clients buy stabilized NNN STNL or MTNL deals and I am the broker helping them through the process. I also syndicate value add NNN deals for stabilization and higher equity upside potential when too much of my own cash is out on deals I am doing.
Doing those 2 things only my net worth goes up on average 7 to 8 figures more a year. I like slow and steady wins the race and vanilla type investing. When you get into waterfalls and all these exotic type structures 2 things can happen.
1. People can try and hide things the more complex and hard to understand they are.
2. More things can go wrong even IF the practice is legitimate due to all the moving parts to make it work.
I used to do land assemblage for commercial developers and you had very long timelines and 100 steps to make the project work on those big projects ( hundreds of k of sq ft ) and if a few steps fell out years of work you were paid nothing. That is why I like stabilized existing properties with leases it closes in 2 to 3 months and I get paid for my efforts and the buyer knows what they are getting because it's there already.
Again I know nothing about his business positive or negative. If you have your hard earned dollars in you hand to invest and you can't get the hard questions answered with transparency then you might want to pause and research further.
I have a lot of doctor clients and most make 750k to over 1 million a year and are very private. They do not go on a bunch of podcasts talking about the medical field.
I still enjoy Bigger Pockets just not on here as much as I stay very busy with my business.
- Joel Owens
- Podcast Guest on Show #47
Quote from @Joel Owens:
I get asked many times about this guy from various people. I don't know him or what his business model is. Many years ago Bigger Pockets was not interested in micro subjects like NNN. Said it was too nichy and focused more on larger asset classes with big scale investor interest.
Bigger Pockets was all of a sudden going to have him write a book on NNN in the last year or so after telling me not interested in a NNN book. For various reasons (have no clue what they were) they had a parting of ways and the book was not written. They then approached me to write a book but I had already completed a book on my own this year for NNN.
So at some point someone probably will write a book on this site for NNN. I have been in commercial real estate about 20 years now and a specialist in NNN. Bigger Pockets is growing so fast now with so many employees that many of them do not know the old timers on here when Josh was just running the site. I think Matt was newer to this site and had some connection with Davd and Brandon from that Gobundance thing but not sure. I do not keep track of all of that.
As to using debt if someone for instance was buying leasehold instead of fee simple to get higher cap rate spreads and high leverage deals those are time bombs with a short window to get out of because if tenant goes out you still have to pay ground rent and other costs tenant used to pay in addition to base rent. Again when people ask me unless I looked at every aspect of his business model with 100% transparency I could not give any opinion of the structure or it's long term viability.
I don't want to be anyone's guru or any of that crap. I do 2 things and that is it. I have clients buy stabilized NNN STNL or MTNL deals and I am the broker helping them through the process. I also syndicate value add NNN deals for stabilization and higher equity upside potential when too much of my own cash is out on deals I am doing.
Doing those 2 things only my net worth goes up on average 7 to 8 figures more a year. I like slow and steady wins the race and vanilla type investing. When you get into waterfalls and all these exotic type structures 2 things can happen.
1. People can try and hide things the more complex and hard to understand they are.
2. More things can go wrong even IF the practice is legitimate due to all the moving parts to make it work.
I used to do land assemblage for commercial developers and you had very long timelines and 100 steps to make the project work on those big projects ( hundreds of k of sq ft ) and if a few steps fell out years of work you were paid nothing. That is why I like stabilized existing properties with leases it closes in 2 to 3 months and I get paid for my efforts and the buyer knows what they are getting because it's there already.
Again I know nothing about his business positive or negative. If you have your hard earned dollars in you hand to invest and you can't get the hard questions answered with transparency then you might want to pause and research further.
I have a lot of doctor clients and most make 750k to over 1 million a year and are very private. They do not go on a bunch of podcasts talking about the medical field.
I still enjoy Bigger Pockets just not on here as much as I stay very busy with my business.
Looks like your instincts were correct. He was in the local news today as he was indicted on fraud charges in federal court. Innocent until proven guilty of course, but it doesn’t look good.
Wow! Go to bed with a clear conscience is my motto. Treat people right that invest with you.
Love people and not money.
- Joel Owens
- Podcast Guest on Show #47
- Joel Owens
- Podcast Guest on Show #47
@Joel Owens
Nice find.
Having seen many gurus turn cons (not saying he is one)
One thing I enjoy is listening to how easy It is to throw out all these wonderful numbers about how big or awesome you are if you never have to prove it.
One guru con recently said they raised $3M in like 15 minutes by texting people. I wonder if his receivership was aware of this…
- Chris Seveney
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#3 Commercial Real Estate Investing Contributor
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Quote from @John McKee:
90% leverage? I've never heard of such a thing unless your doing seller financing. The lowest I've ever got was 20%.
@John McKee - I am in the non-residential commercial space (office, retial, industrial etc) and our loans are typically 80-85% leveraged 5-10 years locked and 25 year AMT. Because there are no secondary markets or agencies to trade these loans on, our loans are portfolio loans that typically stay on the banks books for the life of the loan. The banks scrutinize our balance sheets and track records. The residential lenders typically make sure they can check all the boxes so they can sell the loans.
Quote from @Brett Oftedahl:
Quote from @Joel Owens:
I get asked many times about this guy from various people. I don't know him or what his business model is. Many years ago Bigger Pockets was not interested in micro subjects like NNN. Said it was too nichy and focused more on larger asset classes with big scale investor interest.
Bigger Pockets was all of a sudden going to have him write a book on NNN in the last year or so after telling me not interested in a NNN book. For various reasons (have no clue what they were) they had a parting of ways and the book was not written. They then approached me to write a book but I had already completed a book on my own this year for NNN.
So at some point someone probably will write a book on this site for NNN. I have been in commercial real estate about 20 years now and a specialist in NNN. Bigger Pockets is growing so fast now with so many employees that many of them do not know the old timers on here when Josh was just running the site. I think Matt was newer to this site and had some connection with Davd and Brandon from that Gobundance thing but not sure. I do not keep track of all of that.
As to using debt if someone for instance was buying leasehold instead of fee simple to get higher cap rate spreads and high leverage deals those are time bombs with a short window to get out of because if tenant goes out you still have to pay ground rent and other costs tenant used to pay in addition to base rent. Again when people ask me unless I looked at every aspect of his business model with 100% transparency I could not give any opinion of the structure or it's long term viability.
I don't want to be anyone's guru or any of that crap. I do 2 things and that is it. I have clients buy stabilized NNN STNL or MTNL deals and I am the broker helping them through the process. I also syndicate value add NNN deals for stabilization and higher equity upside potential when too much of my own cash is out on deals I am doing.
Doing those 2 things only my net worth goes up on average 7 to 8 figures more a year. I like slow and steady wins the race and vanilla type investing. When you get into waterfalls and all these exotic type structures 2 things can happen.
1. People can try and hide things the more complex and hard to understand they are.
2. More things can go wrong even IF the practice is legitimate due to all the moving parts to make it work.
I used to do land assemblage for commercial developers and you had very long timelines and 100 steps to make the project work on those big projects ( hundreds of k of sq ft ) and if a few steps fell out years of work you were paid nothing. That is why I like stabilized existing properties with leases it closes in 2 to 3 months and I get paid for my efforts and the buyer knows what they are getting because it's there already.
Again I know nothing about his business positive or negative. If you have your hard earned dollars in you hand to invest and you can't get the hard questions answered with transparency then you might want to pause and research further.
I have a lot of doctor clients and most make 750k to over 1 million a year and are very private. They do not go on a bunch of podcasts talking about the medical field.
I still enjoy Bigger Pockets just not on here as much as I stay very busy with my business.
Looks like your instincts were correct. He was in the local news today as he was indicted on fraud charges in federal court. Innocent until proven guilty of course, but it doesn’t look good.
Wow, that is really sad to hear. I really looked up to him as I am a nurse and was getting ready to apply to CRNA school when I heard his BP podcast. Seemed like a really good guy from what I had saw of him. Didn't follow him close enough to hear him on other podcast continuing to use the "Anesthesiologist" language for his job title.
Quote from @Evan Bonnell:
What happened with Matt Onofrio? Was looking forward to reading his NNN investing book that was supposed to drop months ago.
Radio silence from Matt on his Instagram. I'm hoping his 90% leverage didn't come back to bite him.
hahaha savage! im cracking up!
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@Matthew Crane - Yes that really irked me too. No correction when the BP podcast host clearly referred to him as a doctor (MD/DO) when he is far from one. It was an interesting podcast but didn't make sense how he seemed to stumble into a few deals and then seemed like he had it all figured out. Regardless, it's disappointing to see this outcome.
Crazy to hear about the fraud charges! I was guessing leverage came back to bite him since rates adjusted, but not this.
@Joel Owens link to your book? I'm very interested in reading and learning more. Also can't find your podcast on Spotify, what's the official name?
Evan you can go to my website and will see a place to fill out the form to get the free book
My podcast I did about 8 shows but was over 1 year ago.
The kind of podcasts guests I wanted are extremely busy like me and so would often take a month or longer to line up. I am still eventually going to do 1 a month new. I get requests to be on shows all the time. It's easier to record for 1 hour and let them do the editing and promoting versus my podcast it's a ton of work.
At 48 years old now I value my time versus more money once you have so much of it. There is an arch once someone makes millions to tens of millions they want to outpace inflation and is financially free priorities with time become more center stage.
- Joel Owens
- Podcast Guest on Show #47
Excellent @Joel Owens Excited to dive into the book! Glad to see someone truly giving back, especially to newbies in the space.